Boris Zdravkov: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Boris Zdravkov
Largest movements
- Current investments -€69,080
down €69,080 (-35.2%), from €196,000 to €126,920
- Receivables within one year -€37,621
down €37,621 (-53.8%), from €69,983 to €32,363
of which Trade receivables: -€37,621
- Cash -€7,738
down €7,738 (-11.2%), from €69,244 to €61,506
mainly Contributions, distributions and other (-€174,700) and Tax, wage and social debts (-€7,486)
- Reserves -€132,700
down €132,700 (-40.1%), from €330,560 to €197,860
- Other debts +€21,807
up €21,807 (+815%), from €2,677 to €24,484
- Tax, wage and social debts -€7,486
down €7,486 (-45.0%), from €16,624 to €9,138
- Gross operating margin -€24,490
down €24,490 (-27.4%), from €89,383 to €64,894
- Taxes -€7,060
down €7,060 (-28.8%), from €24,532 to €17,472
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €368,127 | €251,501 | -€116,626 | -31.7% |
| Fixed assets | 21/28 | €31,813 | €29,122 | -€2,690 | -8.5% |
| Tangible fixed assets | 22/27 | €31,813 | €29,122 | -€2,690 | -8.5% |
| Land and buildings | 22 | €29,989 | €28,246 | -€1,743 | -5.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,824 | €876 | -€948 | -52.0% |
| Current assets | 29/58 | €336,314 | €222,379 | -€113,935 | -33.9% |
| Amounts receivable within one year | 40/41 | €69,983 | €32,363 | -€37,621 | -53.8% |
| Trade receivables | 40 | €66,967 | €29,346 | -€37,621 | -56.2% |
| Other amounts receivable | 41 | €3,016 | €3,016 | = | 0.0% |
| Current investments | 50/53 | €196,000 | €126,920 | -€69,080 | -35.2% |
| Cash at bank and in hand | 54/58 | €69,244 | €61,506 | -€7,738 | -11.2% |
| Deferred charges and accrued income | 490/1 | €1,087 | €1,589 | +€503 | +46.2% |
| Total equity and liabilities | 10/49 | €368,127 | €251,501 | -€116,626 | -31.7% |
| Equity | 10/15 | €347,916 | €216,682 | -€131,235 | -37.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €330,560 | €197,860 | -€132,700 | -40.1% |
| Distributable reserves | 133 | €330,560 | €197,860 | -€132,700 | -40.1% |
| Profit (loss) carried forward | 14 | €4,956 | €6,422 | +€1,465 | +29.6% |
| Amounts payable | 17/49 | €20,210 | €34,819 | +€14,609 | +72.3% |
| Amounts payable within one year | 42/48 | €20,116 | €34,612 | +€14,496 | +72.1% |
| Trade debts | 44 | €816 | €990 | +€175 | +21.4% |
| Suppliers | 440/4 | €816 | €990 | +€175 | +21.4% |
| Taxes, remuneration and social security | 45 | €16,624 | €9,138 | -€7,486 | -45.0% |
| Taxes | 450/3 | €16,624 | €9,138 | -€7,486 | -45.0% |
| Other amounts payable | 47/48 | €2,677 | €24,484 | +€21,807 | +815% |
| Accrued charges and deferred income | 492/3 | €94 | €207 | +€113 | +120% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,908 | €2,690 | -€218 | -7.5% |
| Other operating charges | 640/8 | €963 | €856 | -€107 | -11.1% |
| Gross operating margin | 9900 | €89,383 | €64,894 | -€24,490 | -27.4% |
| Operating profit (loss) | 9901 | €85,512 | €61,347 | -€24,165 | -28.3% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €347 | €410 | +€62 | +17.9% |
| Recurring financial charges | 65 | €347 | €410 | +€62 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €85,174 | €60,937 | -€24,237 | -28.5% |
| Income taxes | 67/77 | €24,532 | €17,472 | -€7,060 | -28.8% |
| Profit (loss) for the period | 9904 | €60,643 | €43,465 | -€17,177 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,643 | €43,465 | -€17,177 | -28.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.